The Battle Of The ECNs Heats Up But New Regulations Loom Large
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Electronic communications networks (ECNs) looked a lot more like the future this year, which perhaps explains why new ones sprouted like weeds in 1998. In fact, by year-end, the number of US-based systems that qualified as ECNs by the Securities Exchange Commission grew to nine, nearly double the number in existence the year before.
But the success of existing systems and the proliferation of new ones sparked regulators to rethink the rules of the game. The SEC passed regulations, slated to be
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